智通财经APP获悉，航空股全线走低，截至发稿，东方航空(00670)跌13.89%，报2.17港元；南方航空(01055)跌13.01%，报3.01港元；中国国航(00753)跌11.74%，报4.21港元；首都机场(00694)跌10.83%，报2.47港元。
招商证券指出，贸易摩擦对航空影响维度较多，受宏观经济及国际经贸往来传导，若无进一步需求提振政策对冲，民航需求端可能受到不利影响冲击；供给端，进口美国飞机及零部件关税增加将提升航空公司运营成本，但若航司考虑关税冲击、暂缓引进，则可能有望压低供给增速；油汇影响方面，近期油价连续大幅下利好行业，当前人民币币值波动相对较小，若后续贬值则将直接增加航空汇兑损失。
华创证券则指出，受OPEC+超额增产以及美国超预期加征关税影响，油价连续两日大跌累计超13%。航油成本是航空公司第一大成本构成，从已经披露2024年报的三大航看，航油成本占总营业成本比重分别为国航34%、南航34.5%、东航36%，若油价持续下行有助于成本端减负。根据三大航2024年报，若航油价格下降10%，对应三大航航油成本减少45.5-55.0亿元，对应利润预计增厚34.1-41.2亿元。
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